2023 low-income Americans mortgage loans decreased from 23.2% in 2020 to 20.6% due to higher interest rates and a stronger economy per Redfin report.
2023 sees a decrease in low-income Americans obtaining mortgage loans compared to 2020, with the percentage dropping from 23.2% to 20.6%, according to a Redfin report. This decline is attributed to increased interest rates and a stronger economy, making homebuying less affordable. The report analyzes HMDA data on primary home purchases, revealing median household income for low-income households at $64,000.
May 06, 2024
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